Candle Pattern: Morning Star
Trend: up
Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: 1+
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: above
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: Pivot && S1
Elliot Wave:
looks like we might be starting a new elliot wave to the upside and just completed wave 2.
Looking for a push beyond wave 1 high point.
TP set just above wave 1 but expecting a long term upside move above the last elliot wave 5 point high to the upside.
Notes:
morning star formed around the 618 fib retracement. I set my entry at the .764 below the morning star to allow for better entry
stochastic showing oversold with a divergence to the upside
macd still showing decrease in downside momentum
What can go wrong:
TP could be set too high at 40 pips and will consider a smaller TP if we struggle to break wave 1 high point.
A move to the downside past point C correction would indication we are actually in a wave 3 to the downside from the previous elliot wave 5 completion.
Trend: up
Trend Entry: with
TP/SL Ratio Target: 2 to 1
Target TP PIPs: 40
SL PIPS: 20
Fib Entry: .764
Fib TP: 1+
Stochastic: over-sold
MACD Histogram: contracting up
200SMA: above
Inside EMA/SMA zone: no
BB: bottom
Pivot Point: Pivot && S1
Elliot Wave:
looks like we might be starting a new elliot wave to the upside and just completed wave 2.
Looking for a push beyond wave 1 high point.
TP set just above wave 1 but expecting a long term upside move above the last elliot wave 5 point high to the upside.
Notes:
morning star formed around the 618 fib retracement. I set my entry at the .764 below the morning star to allow for better entry
stochastic showing oversold with a divergence to the upside
macd still showing decrease in downside momentum
What can go wrong:
TP could be set too high at 40 pips and will consider a smaller TP if we struggle to break wave 1 high point.
A move to the downside past point C correction would indication we are actually in a wave 3 to the downside from the previous elliot wave 5 completion.
Trade closed: target reached
TP reached in 5 hourselliot wave 3 appears to be in full effect. Looking for a wave 4 to test the wave 1 high for a new long entry to complete the 5th elliot wave to the upside.
Trade closed: target reached
Closed after 8 hoursTP of 80 pips reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.